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Annual expenditure per consumer unit

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It was claimed that the average annual expenditures per consumer unit had continued to rise, as measured by the Consumer Price Index annual averages (Bureau of Labor Statistics report, 1995). To test this claim, 100 consumer units were randomly selected in 1995 and found to have an average annual expenditure of $32,277 with a standard deviation of $1200. Assuming that the average annual expenditure of all consumer units was $30,692 in 1994, test at the 5% signi?cance level whether the annual expenditure per consumer unit had really increased from 1994 to 1995.

Reference no: EM13985498

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